Amicus (FOLD) AI Stock Analysis

• Market Cap: $4.50B
• Dividend Yield: N/A
• Average Volume (3M): 6.45M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.48
• Revenue Growth: 21.28%
• EPS Growth: 87.30%
• Country: US
• Employees: 499
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.01
• Shares Outstanding: 313,918,460
• 10 Day Avg. Volume: 4,167,707
• 30 Day Avg. Volume: 6,447,235
• PEG Ratio: 3.24
• Price to Book (P/B): 16.01
• Price to Sales (P/S): 6.92
• P/FCF Ratio: 147.11
• Enterprise Value/Market Cap: 1.05
• Enterprise Value/Revenue: 7.90
• Enterprise Value/Gross Profit: 8.83
• Enterprise Value/Ebitda: 79.74
• 1Y Price Target: $14.08
• Price Target Upside: -1.81% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 8
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: $15.00 ▲(4.60% Upside)
• Action: Downgraded Date: 02/21/26
• Date: Action: Downgraded 02/21/26

The score is driven primarily by improving financial trajectory (notably the shift to positive operating/free cash flow) but tempered by still-elevated leverage and uneven profitability. Technicals are supportive yet overbought, valuation is weak due to negative earnings and no dividend, while the earnings outlook and the announced all-cash acquisition meaningfully improve near-term visibility.

Positive Factors

Revenue Growth & High Gross Margins

Amicus has shown durable top-line scaling to $634.2M with sustained very high gross margins (~88–91%). High gross margins signal product pricing power and capital-light incremental margins, enabling the firm to fund R&D and commercialization from sales as revenues grow, supporting long-term profitability potential.

Improved Cash Generation

Turning operating and free cash flow positive is a structural inflection: positive FCF reduces dependence on external capital, lowers dilution risk, and increases flexibility to fund trials or commercialization. While historical cash flows were inconsistent, the 2025 inflection materially improves the company's funding profile over the medium term.

Advancing Pipeline & Market Expansion

Progressing a pivotal Phase III (ACTION3 >90% enrolled) and expanding reimbursement builds durable future revenue optionality beyond current products. Clinical advancement reduces technical/regulatory risk and combined with broader payer coverage increases odds of sustained patient uptake and long-term franchise value.

Negative Factors

Elevated Leverage

Leverage remains meaningful relative to the company’s earnings profile. A debt-to-equity around 1.6 increases interest and refinancing sensitivity, limits strategic flexibility, and elevates vulnerability if revenue or margins weaken, making balance-sheet risk a persistent structural constraint over the coming quarters.

Inconsistent Profitability

Despite revenue growth, GAAP profitability remains uneven and EBITDA has swung negative, reflecting cost pressure and margin variability. This inconsistency undermines predictability of earnings and free cash flow conversion, making long-term expense discipline and margin sustainability a key execution risk.

Acquisition & Regulatory Uncertainty

The announced BioMarin acquisition is a material structural change that introduces execution and regulatory timing risk. Pending antitrust and shareholder approvals could delay outcomes; post-close priorities, integration choices, or financing structures may alter investment in Amicus assets and affect long-term commercialization of its therapies.

Amicus Business Overview & Revenue Model

Company Description

Amicus Therapeutics, Inc., a biotechnology company, focuses on discovering, developing, and delivering medicines for rare diseases. Its commercial product and product candidates include Galafold, an oral precision medicine for the treatment of adults with a confirmed diagnosis of Fabry disease and an amenable galactosidase alpha gene variant based on in vitro assay data. It also develops AT-GAA, a novel treatment paradigm for Pompe disease; enzyme replacement therapies for Pompe diseases; CLN3, which is in Phase 1/2 clinical study to evaluate the safety and efficacy of a single intrathecal administration of an AAV serotype AT-GTX-502 gene therapy in patients with CLN3; and CDKL5, a gene on the X-chromosome encoding the CDKL5 protein that regulates the expression of essential proteins for normal brain development. The company has collaboration and license agreements with Nationwide Children's Hospital; University of Pennsylvania; and GlaxoSmithKline. Amicus Therapeutics, Inc. was incorporated in 2002 and is headquartered in Philadelphia, Pennsylvania.

How the Company Makes Money

Amicus generates revenue primarily through the commercialization of its approved therapies, such as Galafold (migalastat), which is designed to treat Fabry disease. The company also earns revenue through collaborations and licensing agreements with larger pharmaceutical firms, which may involve upfront payments, milestone payments, and royalties on product sales. Additionally, Amicus may receive funding from government grants or research contracts aimed at supporting the development of its pipeline products. Strategic partnerships with other biopharmaceutical companies can further enhance its revenue streams by providing shared resources and expanding market access for its therapies.

Amicus Financial Statement Overview

Summary

Fundamentals are improving but still mixed. Revenue has scaled meaningfully with very strong gross margins, and 2025 operating cash flow and free cash flow turned positive. Offsetting this, profitability remains inconsistent (2025 net loss and EBITDA volatility) and leverage is still elevated versus equity, keeping balance-sheet risk high.

Income Statement

Revenue is scaling steadily, rising from $260.9M (2020) to $634.2M (2025) with 2025 growth of ~5.9% and strong, stable gross margins (~88–91%). Profitability, however, remains a work in progress: net income is still negative in 2025 (-$27.1M), though losses have narrowed materially versus 2020–2022. Operating performance has improved (EBIT turned positive in recent years), but EBITDA swung back to negative in 2025, highlighting ongoing cost pressure and earnings volatility.

Balance Sheet

Leverage is meaningful for the company’s current earnings profile, with debt of ~$442M against equity of ~$274M in 2025 (debt-to-equity ~1.61). While equity improved versus 2022–2024 and total assets increased to ~$950M, the capital structure still looks stretched given continued net losses, and prior years showed even higher leverage (debt-to-equity above 2x–3x). Overall, the balance sheet is improving but remains a key risk factor if profitability stalls.

Cash Flow

Cash generation improved sharply: operating cash flow turned positive in 2025 (~$33.1M) after multiple years of negative operating cash flow, and free cash flow was also positive (~$29.8M). This is a notable inflection and reduces funding risk versus prior years, though cash flow strength is not yet deeply robust relative to revenue and has been inconsistent historically. Free cash flow was close to net income in 2025, indicating better cash discipline even while reported earnings remain slightly negative.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	598.70M	634.21M	528.29M	399.36M	329.23M	305.51M
Gross Profit	535.61M	561.28M	475.35M	362.03M	290.63M	271.05M
EBITDA	59.27M	-93.11M	29.39M	-92.08M	-199.58M	-202.87M
Net Income	-14.06M	-27.11M	-56.11M	-151.58M	-236.57M	-250.46M
Balance Sheet
Total Assets	868.81M	949.87M	785.03M	777.88M	724.17M	905.14M
Cash, Cash Equivalents and Short-Term Investments	263.84M	293.54M	249.95M	286.20M	293.60M	482.50M
Total Debt	442.82M	442.36M	443.64M	445.06M	452.12M	440.13M
Total Liabilities	638.39M	675.63M	590.99M	617.71M	601.12M	597.77M
Stockholders Equity	230.42M	274.24M	194.04M	160.17M	123.05M	307.37M
Cash Flow
Free Cash Flow	9.69M	29.85M	-37.44M	-76.53M	-170.34M	-206.38M
Operating Cash Flow	12.98M	33.15M	-33.89M	-69.09M	-166.57M	-202.49M
Investing Cash Flow	-60.33M	-46.43M	-560.00K	98.06M	92.32M	78.76M
Financing Cash Flow	-12.32M	610.00K	5.12M	61.68M	-7.46M	212.07M

Amicus Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FOLD, the sentiment is Positive. The current price of 14.34 is above the 20-day moving average (MA) of 14.30, above the 50-day MA of 13.68, and above the 200-day MA of 9.00, indicating a bullish trend. The MACD of 0.18 indicates Positive momentum. The RSI at 76.57 is Negative, neither overbought nor oversold. The STOCH value of 81.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FOLD.

Amicus Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CPRX	74 Outperform	$2.99B	14.25	27.52%	―	25.56%	44.42%
IMVT	62 Neutral	$5.42B	-9.83	-69.35%	―	―	-27.70%
FOLD	61 Neutral	$4.50B	-321.03	-11.58%	―	21.28%	87.30%
IRON	52 Neutral	$2.43B	-11.82	-34.78%	―	―	-34.96%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
OCUL	51 Neutral	$1.50B	-4.89	-54.85%	―	-9.21%	-8.84%
TVTX	47 Neutral	$2.49B	-27.01	-57.80%	―	114.22%	77.02%

Amicus Corporate Events

Amicus Therapeutics to Be Acquired by BioMarin

On December 19, 2025, Amicus Therapeutics agreed to be acquired by BioMarin Pharmaceutical in an all-cash transaction valuing Amicus at approximately $4.8 billion, or $14.50 per share, a premium of up to 58% over recent trading averages; following closing—expected in the second quarter of 2026 pending antitrust clearances and shareholder approval—Amicus will become a wholly owned BioMarin subsidiary, with Amicus shareholders cashed out and equity awards converted to cash. The deal will add Galafold and Pombiliti + Opfolda to BioMarin’s rare-disease portfolio, immediately boosting revenue growth, diversifying its enzyme therapy franchise and, according to the companies, becoming accretive to non-GAAP EPS within 12 months of closing and substantially accretive from 2027, financed via a mix of cash and about $3.7 billion of new debt; a $175 million termination fee and a suite of no-shop and fiduciary-out provisions govern competing bids, while a separate settlement of U.S. patent litigation over Galafold grants generic challengers licenses starting in 2037, effectively extending U.S. market exclusivity and bolstering the long-term value of the asset within BioMarin’s portfolio.

The most recent analyst rating on (FOLD) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on Amicus stock, see the FOLD Stock Forecast page.